Down Payment FAQ

How to decide the percentage of the down payment?

Down Payment = Total price - 60%/50%/30% of the Floor Price

Collection

LTV

Down Payment

BAYC CryptoPunks

60% of the floor price

40% or more

MAYC Azuki

50% of the floor price

50% or more

Doodles & Space Doodles CloneX Moonbirds

30% of the floor price

70% or more

If the total price of the NFT is much higher than the collection floor price, the percentage of the down payment will increase.

What's the Down Payment Fee?

Down Payment Trading Fee: 1% of the full price

Flash Loan Fee: 0.09% of the borrowed amount (charged by AAVE)

50% of the Down Payment trading fees are distributed to all veBEND holders, and the rest 50% go to the DAO Treasury.

What's the difference between Down Payment and Buy Now Pay Later?

The Buy with Down Payment on BendDAO is not P2P based which means users can execute the purchase instantly. And there is no payment installments.

What are the details of payment installments?

No payment installment. You take an NFT-backed loan and then become a borrower on BendDAO. You can repay any time you like. There is no fixed time period to pay back the loan. But you do need to keep an eye on the loan health factor to avoid liquidation. As time passes, the accrued interest will grow making the health factor decrease, which might result in more likely to be liquidated.

Liquidation FAQ